Marks & Spencer has reported a 10pc fall in profits, meaning the retailer
is falling well short of the £1bn profit mark it cleared in 2008.

The 128-year-old food and fashion retailer said profits fell to £290m in the six months to September 29 and analyst estimates for the full-year are £676m, below the record £1.1bn reported for the year to March 29, 2008.

This was on the back of a 4.3pc fall in like-for-like general merchandise sales in the half-year, which includes clothing.

However, Marc Bolland, chief executive, believes M&S is well positioned for future growth and is investing the company's cash in expanding internationally and online